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fxAug 3, 2026, 6:49 AM

Canadian dollar weakens as oil prices drop on US-Iran diplomacy hopes

The Canadian dollar fell against the US dollar on Monday as crude oil prices declined amid expectations of US-Iran talks, with USD/CAD rising toward 1.4030.

USDCAD

The commodity-linked Canadian dollar weakened in early European trading, tracking a drop in crude oil prices. Hopes for diplomatic progress between the US and Iran pressured oil markets, reducing a key support for the loonie.

USD/CAD gathered strength to near 1.4030 as the oil-sensitive currency came under broad selling. Market participants also positioned ahead of the US ISM Manufacturing PMI due later in the day, which could further steer the pair.

Source: FXStreet Forex News